Gol targets high coupon bond with tender offer

Gol targets high coupon bond with tender offer

Bonds

Gol Linhas Aereas has opened a cash tender offer for its 10.75% 2023 notes and its 7.5% 2017 notes. The offer prioritizes the 2023 notes: the company will buy any-and-all of the $180m worth of those bonds that are in the market. If the company spends less than $150m buying back the 2023s, it will also accept tenders on the 2017s, up to a $150m cap. There is $210m outstanding on the 2017. Gol has offered a cash price of 107.5 for the 2023 and 105 for the 2017, including a 30c premium for those wh

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